Another bit of advice is. Do you have debt? Get rid of it. Interest is the eater of capital. That and taxes. A good way to 'feel rich' is to have everything paid for. It is not necessarily the best way to invest but it sure feels good!
Oh absolutely do not disagree one bit. The day I paid off my mortgage was a great day. +1800 a month. I wish I could find an investment that did that. Just remember interest even at low rates steals from your capital. Now if you can make that capital work for you then no biggie. But I am not that good at it. Capital loans make sense when you are basically reselling the debt to someone else. For example rental agreements investing into a business etc. But for a dingaling like me? Not so much. I max the 401k, invest into stocks I think will do good. Then re-eval every 3-6 months. Do not panic buy/sell. Slow and steady and you can get rich (note the 'can'). And for God sake start when you are young (like 10 years old if you can).
I was paying 2400 a month to get 200-300 back a month in taxes. I rather keep the other 2k, that is just me :) But really do what you think is right. Seriously, if it is working for you go for it. I am currently evaluating if I should borrow money to buy a second house. Sell the existing or combo it up with liquidating other assets. The math looks to be borrow right now. But that can change. So run the numbers and work it out.
I am not saying my way is the best. In fact I could if I wanted tell you what it cost me dollar wise. It just was so liberating. There are better methods out there! I just wanted to share my story of freedom from the banks.
Another bit of advice is. Do you have debt? Get rid of it. Interest is the eater of capital. That and taxes. A good way to 'feel rich' is to have everything paid for. It is not necessarily the best way to invest but it sure feels good!
Oh absolutely do not disagree one bit. The day I paid off my mortgage was a great day. +1800 a month. I wish I could find an investment that did that. Just remember interest even at low rates steals from your capital. Now if you can make that capital work for you then no biggie. But I am not that good at it. Capital loans make sense when you are basically reselling the debt to someone else. For example rental agreements investing into a business etc. But for a dingaling like me? Not so much. I max the 401k, invest into stocks I think will do good. Then re-eval every 3-6 months. Do not panic buy/sell. Slow and steady and you can get rich (note the 'can'). And for God sake start when you are young (like 10 years old if you can).
I was paying 2400 a month to get 200-300 back a month in taxes. I rather keep the other 2k, that is just me :) But really do what you think is right. Seriously, if it is working for you go for it. I am currently evaluating if I should borrow money to buy a second house. Sell the existing or combo it up with liquidating other assets. The math looks to be borrow right now. But that can change. So run the numbers and work it out.
I am not saying my way is the best. In fact I could if I wanted tell you what it cost me dollar wise. It just was so liberating. There are better methods out there! I just wanted to share my story of freedom from the banks.